Tired of Being Gas Raped
Well, Exxon's 2nd quarter earnings are in:
$10.36 BILLION
This is the second-highest earnings report ever in a quarter for a U.S. publicly-traded company.
The highest ever earnings report just so happens to belong to this same crooked company whose fourth quarter earnings in 2005 totaled:
$10.71 BILLION
With oil prices on the rise, Exxon's revenue increased 12% to:
$99.03 BILLION
Average Americans (me) continue to be crippled by rising gas prices and God forbid you are a small business owner who depends on motor vehicles such as landscapers or any kind of delivery service. These people, rightfully so, have to pass this cost on to consumers (me) so we are being screwed double by oil company greed.
In the Daily Times Solomon Leach writes:
John Felmy, chief economist at the American Petroleum Institute, which represents the oil industry, contended the earnings are not out of line with other industries.
"If you look at the profit rate on a dollar, it's about 9 cents right now," he said. "That's only slightly above the average on manufacturing industries."
This argument doesn't hold water. It's like comparing apples to oranges. The price for a gallon of milk and a gallon of gas might be similar, but the average consumer doesn't buy 10-20 gallons of milk at a time. And "slightly above average" is still ABOVE AVERAGE.
I know this has all been said before, but it just makes me furious every time I read about it. My a-hole is sore.
$10.36 BILLION
This is the second-highest earnings report ever in a quarter for a U.S. publicly-traded company.
The highest ever earnings report just so happens to belong to this same crooked company whose fourth quarter earnings in 2005 totaled:
$10.71 BILLION
With oil prices on the rise, Exxon's revenue increased 12% to:
$99.03 BILLION
Average Americans (me) continue to be crippled by rising gas prices and God forbid you are a small business owner who depends on motor vehicles such as landscapers or any kind of delivery service. These people, rightfully so, have to pass this cost on to consumers (me) so we are being screwed double by oil company greed.
In the Daily Times Solomon Leach writes:
John Felmy, chief economist at the American Petroleum Institute, which represents the oil industry, contended the earnings are not out of line with other industries.
"If you look at the profit rate on a dollar, it's about 9 cents right now," he said. "That's only slightly above the average on manufacturing industries."
This argument doesn't hold water. It's like comparing apples to oranges. The price for a gallon of milk and a gallon of gas might be similar, but the average consumer doesn't buy 10-20 gallons of milk at a time. And "slightly above average" is still ABOVE AVERAGE.
I know this has all been said before, but it just makes me furious every time I read about it. My a-hole is sore.
posted by Walklett at 11:46 AM
4 Comments:
ain't gonna get any better either.
i have two questions that come to my mind:
1. why do the gas stations post their post-tax prices? no other industry does this, and i think it can only hurt them in the perception of the public. wonder if it's the law that they have to?
2. why does exxon consistently put up better numbers than their competitors? better business practices and lower expenses, or what? i don't feel like their gas is more expensive across the board, but they're always at the top of the list.
Only good thing about rising oil prices is that we're finally seeking out fuel alternatives and cars with better gas mileage. We'll eventually reminisce to our grandkids and say 'We didn't have any of these new fangled fuel cells. Back in my day people drove huge SUVs, that got 10 miles to the gallon of gasoline. And 20oz of bottled water only cost a $1. You got me all worked up and I messed myself, Get Pop-Pop a fresh Depends.'
gootman, you're going to have a grandkid now too?
Matt -
Exxon-Mobil is by far the largest US oil company. The sheer mass of cash that they accumulate in a quarter earns TONS of interest. That's part of it. Second, the have all of the things that most companies have (HR office, PR office, cafeterias, etc.) but they have way more operation to spread the cost over. Economies of scale, my boy!
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